Zabala Auto supply has the following transactions during the month of January, 2030: You are hired...
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Zabala Auto supply has the following transactions during the month of January, 2030: You are hired to prepare the financial statements for the month of January 2030: 1 Mr. Zabala invested P1,500,000 cash to the business. 1 Signed a contract of lease to lease office space and paid P60,000 cash for 6 22 2 2 Hired storekeeper and driver for a monthly salary of P12,000 each. 3 Purchased office supplies for cash P3,000 Acquired delivery van for P300,000 3 3 Paid Gas and Oil P2,000 Sold goods P50,000 for cash. Billed ABC P100,000 on account with credit terms of 2/10, n/20. Sold goods for P10,000 cash. Paid the furniture purchased on January 2. 10 Acquired auto supplies P500,000 on account with credit terms of 2/10, 5 6 7 9 Purchased auto supplies for P400,000 cash. Purchased furniture and Fixtures P100,000 on account 11 14 15 15 16 18 20 21 22 25 28 30 30 n/30 Sold goods for P200,000 cash. Paid Gas and Oil P2,000 Collected cash from ABC in full settlement of accounts. Paid salaries of employees P12,000 Paid Insurance P12,000 for one year period. Received billing from Meralco P4,000. Paid the supplier for goods purchased on account. Sold goods for cash, P10,000 Paid Meralco P4,000 Sold goods to XYZ Co. P10,000 on account, credit terms n/30. Purchased auto supplies P50,000 for cash Paid salaries of employees P10,000. Withdrew cash for personal use P20,000. Additional Information: a. The office supplies on hand is P1,000. b. The auto supplies per physical count is P50,000. C. Salaries accrued for the month of January P2,000. d. One-month prepaid insurance has expired. e. One-month prepaid rent has expired. f. The delivery van has a useful life of 5 years and residual value of P60,000. g. The furniture and fixtures has a useful life of 5 years. Zabala Auto supply has the following transactions during the month of January, 2030: You are hired to prepare the financial statements for the month of January 2030: 1 Mr. Zabala invested P1,500,000 cash to the business. 1 Signed a contract of lease to lease office space and paid P60,000 cash for 6 22 2 2 Hired storekeeper and driver for a monthly salary of P12,000 each. 3 Purchased office supplies for cash P3,000 Acquired delivery van for P300,000 3 3 Paid Gas and Oil P2,000 Sold goods P50,000 for cash. Billed ABC P100,000 on account with credit terms of 2/10, n/20. Sold goods for P10,000 cash. Paid the furniture purchased on January 2. 10 Acquired auto supplies P500,000 on account with credit terms of 2/10, 5 6 7 9 Purchased auto supplies for P400,000 cash. Purchased furniture and Fixtures P100,000 on account 11 14 15 15 16 18 20 21 22 25 28 30 30 n/30 Sold goods for P200,000 cash. Paid Gas and Oil P2,000 Collected cash from ABC in full settlement of accounts. Paid salaries of employees P12,000 Paid Insurance P12,000 for one year period. Received billing from Meralco P4,000. Paid the supplier for goods purchased on account. Sold goods for cash, P10,000 Paid Meralco P4,000 Sold goods to XYZ Co. P10,000 on account, credit terms n/30. Purchased auto supplies P50,000 for cash Paid salaries of employees P10,000. Withdrew cash for personal use P20,000. Additional Information: a. The office supplies on hand is P1,000. b. The auto supplies per physical count is P50,000. C. Salaries accrued for the month of January P2,000. d. One-month prepaid insurance has expired. e. One-month prepaid rent has expired. f. The delivery van has a useful life of 5 years and residual value of P60,000. g. The furniture and fixtures has a useful life of 5 years.
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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